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Question
In case of ______, supply curve is a vertical straight line parallel to the Y-axis.
Options
Perfectly Elastic Supply
Unitary Elastic Supply
Perfectly Inelastic Supply
Less Elastic Supply
Solution
In case of Perfectly Inelastic Supply, supply curve is a vertical straight line parallel to the Y-axis.
Explanation:
In the case of Perfectly Inelastic Supply, the supply curve is a vertical straight line parallel to the Y-axis. This indicates that the quantity supplied remains constant regardless of price changes. No matter how much the price increases or decreases, the quantity supplied does not change.
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